News>
Analytics

The rebound in the cryptocurrency space yesterday allowed for Ethereum (ETHUSD) to take a welcome breather.

Yesterday, Ripple (XRPUSD) traded to as low as 0.2196 after it had broken below the noted support level at 0.2290.

The quite sharp rebound seen yesterday in many of the leading cryptocurrencies was led by Bitcoin as it ricocheted back above 10,700.

Bitcoin has gotten a reprieve this afternoon, buoyed by a further rebound in the US equity markets. The move higher in the Nasdaq 100 has now extended to as high as 10,997 a short while ago.

Yesterday it was noted here that all the while Ethereum (ETHUSD) remained below 350 there was a risk of further losses. Well, that is exactly what happened last night.

Late yesterday evening as the US equity markets were sliding into the close the price of Ripple (XRPUSD) broke below an important support level that had been highlighted here many times previously.

Given the moves in the equity and risk markets over the past 12 hours, Bitcoin has actually done quite well to hold above 10,000. The low seen overnight and so far today has been set at 10,198.

The recent breakdown below $350 in Ethereum (ETHUSD) has ensured the price has remained subdued below that level so far this week. The price touched 331 Monday, but has tried to rebound since.

Since the last update here on the progress of Ripple (XRPUSD); it has managed to hold above the noted support level at 0.2290.

Yesterday Bitcoin managed to reclaim the 10,500 handle as the US equity markets rebounded. However, the further gains for the dollar have so far ensured that rebound did not get very far.